Business, 16.08.2020 01:01 editsa

You wish to retire after 20 years; at which time you want to have accumulated enough money to receive an annuity of $60,000 a year for 25 years of retirement. During the period before retirement you can earn 4 percent annually, while after retirement you can earn 3 percent on your money. What annual contribution to the retirement fund will allow you to receive the 60,000 annually?

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